Superior Offshore Resolves $23M Back Taxes Claim

Law360, New York (November 2, 2009, 12:36 PM EST) -- An agent representing the bankruptcy estate of Superior Offshore International Inc. has reached a deal with the Internal Revenue Service over an initial $22.5 million employment and income tax claim, which the agent argued was too high and overstated the oil exploration services company's true liability.

Plan agent H. Malcom Lovett Jr. and the IRS filed a motion seeking approval of the settlement on Thursday in the U.S. Bankruptcy Court for the Southern District of Texas, proposing to strike the IRS’ tax claims in exchange for...
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